Important Changes and Updates That May Affect You
December 20, 2019
President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act, which is effective January 1, 2020. The Act is the most impactful legislation affecting retirement accounts in decades. The SECURE Act has several positive changes: It increases the required beginning date (RBD) for required minimum distributions (RMDs) from your individual retirement accounts from 70 ½ to 72 years of age, and it eliminates the age restriction for contributions to qualified retirement accounts. However, perhaps the most significant change will affect the beneficiaries of your retirement accounts: The SECURE Act requires most designated beneficiaries to withdraw the entire balance of an inherited retirement account within ten years of the account owner’s death.
Donor Advised Fund (DAF)
Make a gift through your DAF before September 30, 2020 and nominate HCC to receive 1 of 100 gifts of $10,000 through the #halfmyDAF challenge. More details here: https://www.halfmydaf.com/